Mega View Digital Entertainment Corp. Announces Loan
Toronto, Ontario (FSCwire) - – Mega View Digital Entertainment Corp. (the “Company”) (TSXV:MVD.H) announces that the Company has entered into a short term loan agreement for $50,000 (the “Note”) to fund general working capital amounts. The Note has a five year term and is to be repaid in cash, in whole or in part, on demand.
The Note is unsecured with simple interest at a rate of 5% per annum payable at maturity. Mr. Philip Chong, who is director of the Company,has acquired the full $50,000 of principal amount of the Note through KNP Group Inc., a private corporation controlled by Mr. Chong.
As noted above, Mr. Chong, who is director of the Company, has acquired the full amount of the Note through a private corporation controlled by Mr. Chong (the “Insider Sale”). The Insider Sale was a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions(“MI 61-101”). The Insider Sale was approved by all of the non-interested directors of the Company. Mr. Chong abstained from approval of this matter. The Insider Sale was exempt from the related party valuation and minority securityholder approval requirements of MI 61-101 on the basis that no securities of the Company are listed or quoted on any specified markets, such markets specified by MI 61-101 to be the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS market operated by PLUS Markets Group plc., and at the time the transaction was agreed to, neither the fair market value of the securities to be distributed in the transaction nor the consideration to be received for those securities, insofar as the transaction involved interested parties, exceeded $2,500,000.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information:
Mega View Digital Entertainment Corp.
Chief Executive Officer
Tel: 647.478.8468
Fax: 905.475.9511
CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy
of this release. No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/MegaViewJuly72014.pdf
Source: Mega View Digital Entertainment Corp. (TSX Venture:MVD.H)
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